“Why is it difficult to save?” This was the question raised by moms who recently attended the “Money Strategies for Smart Moms” at Cafe 1771 in Ortigas. SmartParenting.com.ph initiated this informative and inspiring talk in partnership with Pro Friends. As we all know, Smart Parenting is a credible parenting resource backed by experts and a community of involved parents. Pro Friends, on the other hand, is a reputable property developer in the country.
During the event, a few of the country’s financial experts shared proven money-saving strategies, wise ways to raise money-smart kids, and clever home financing tips. This momi went home fully confident and excited to share her lessons learned to her husband. My better half loves topics about money strategies as well. We both yearn to be financially prepared for the future. We see to it, too, to teach our kids how to properly handle their allowances and savings.
The Money Strategies for Smart Moms talk lasted for about two hours. I particularly appreciated the wisdom shared by Ms. Rose Fres Fausto, an investment banker turned full-time homemaker. I was lucky to answer one of her questions and was awarded a book she wrote “The Retelling of The Richest Man in Babylon.” The book was originally written by American author George Samuel Clason in 1926.
Let me echo the learnings from the “The Retelling of the Richest Man in Babylon.” The characters in the parables learned simple lessons in financial wisdom, and Ms. Fausto retold the three laws of money:
First of the 3 Laws of Money
Pay yourself first.
This requires smart moms to make saving the most important bill that they pay. It should be prioritized and be paid above all other bills. The fund may either be put in a savings account or let it grow to generate passive income. This approach increases the possibility to actually save a substantial amount. Why? Because if we save first, and then pay bills and buy wants later, we will then be forced to make ends meet. But if we start paying those bills and buying those wants, there might be no significant amount left to save.
Second of the 3 Laws of Money
Get only into a business you understand.
Saving money may not be enough. Smart moms should teach their kids how to invest. Before investing, though, our children need to understand the nature as well as the ins and outs of the business they are considering. They may consider those that create a passive income. Either they deposit or invest money on time deposit, money market, bonds, or the stock market. But before that though, they need to seek advice from competent people.
Third of the 3 Laws of Money
Make your gold work for you.
This third law of money is very simple yet hard to do. But with discipline and goal, we could eventually make it possible. This law says that we should have the discipline to build our wealth first and make the money work for us through investment or business. We need to have multiple sources of income. And once we achieve this and everything is stable, we could then buy any wants and desires. Simply put, this is what my mom would often tell me — delayed gratification.
What is Financial Intelligence Quotient
Truly, the lessons presented by Ms. Fausto were simple and practical. And yet we still are indebted. We lack that Financial Intelligence Quotient (FQ) or the ability to make sound decisions and actions in handling our personal finances.
Timely then that another expert on investment management shared his his personal experience on money saving strategies. Mr. Aya Laraya, just like M. Fausto, urged the attendees to consult only with competent people in making an investment. It is important and crucial as well to act on it asap. And before we left the quaint cafe, we pledged to act and apply what we have learned within 48 hours. Putting off tasks to a later time may result for courage and eagerness to slow down as well.
Another speaker who shed light to smart money strategies was Ms. Tet Bugayong, Lancaster New City Marketing Services Manager. Her thoughts on home financing were as interesting as the first two talks. She shared that before deciding to purchase that first home, we should again, listen to and talk with competent people and settle all debts.
As I have mentioned, attendees went home feeling confident. The lineup of topics from the financial experts were truly invaluable. I for one has become more mindful and extra confident in handling our family’s budget. The same confidence I could pass on to my boys as I share with them how to acquire high FQ.
Devoted. Compassionate, Instinctive. Berlin loves to write personal narratives, thrilling discoveries, and mommy tips that make daily living the happiest. She shares the small house with her husband and their five boys.